China Has Healthy Demand For Base Metals – CIBC

Wednesday October 16, 2013 9:51 AM

Analysts at CIBC World Markets say that China still has healthy demand for copper. They point out in September, China imported 458,000 metric tons of copper and related products, an 18% increase from August and well above historic average import levels. “Together with low domestic inventories and loosening funding for importers, we expect imports to remain strong in the near term,” the bank says. “Recent economic data out of China continues to be strong, highlighted by solid trade numbers and a rebound in PMI (the Purchasing Managers Index). We continue to believe the new leadership remains firmly committed to its growth target while instituting economic reform, supporting a healthy demand for base metals.”